The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Franklin Templeton's proposed crypto index exchange-traded fund (ETF), citing a need for additional time to review the proposed rule change.

Digital asset manager Bitwise has moved towards launching a spot Solana exchange-traded fund (ETF) by registering a statutory trust in Delaware, indicating it may soon file an S-1 registration statement with the SEC.

South Korea's ruling Democratic Party of Korea (DPK) is moving ahead with its plan to impose a 20% tax on cryptocurrency gains, starting from the beginning of next year.

Top stories in the Crypto Roundup today:

• SEC Delays Decision on Franklin Templeton's Crypto Index ETF
• Bitwise Moves Toward Spot Solana ETF with Delaware Statutory Trust Registration
• Traders Flock to Leveraged MicroStrategy Options as Stock Soars Amid BTC Rally
• Chart of the Week: Top Assets by Open Interest Since US Elections

SEC Delays Decision on Franklin Templeton's Crypto Index ETF

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Franklin Templeton's proposed crypto index exchange-traded fund (ETF), citing a need for additional time to review the proposed rule change.

The SEC's decision to extend the review period comes after the agency received no public comments following the publication of the proposed rule change in the Federal Register on October 8.

The agency has now set a new deadline of January 6, 2025, to “either approve or disapprove or institute proceedings to determine whether to disapprove, the proposed rule change.”

Franklin Templeton first applied to list its crypto index ETF back in August, with the proposed Franklin Crypto Index ETF aiming to offer exposure to both Bitcoin (BTC) and Ethereum (ETH).

Bitwise Moves Toward Spot Solana ETF with Delaware Statutory Trust Registration

Digital asset manager Bitwise has moved towards launching a spot Solana exchange-traded fund (ETF) by registering a statutory trust in Delaware, indicating it may soon file an S-1 registration statement with the SEC.

The proposed Bitwise Solana ETF, incorporated on November 20, aims to track the price movement of the world’s fourth-largest cryptocurrency. If Bitwise files a 19b-4 filing and an S-1 registration form, it would join the race for a spot Solana ETF along with VanEck and Canary Capital.

Bitwise's move follows its recent filings for a spot XRP ETF and the successful launches of its Bitcoin and Ethereum ETFs. While the exchange and ticker symbol for the Solana ETF have yet to be announced, it's likely to be listed on a major exchange, such as the New York Stock Exchange Arca.

Traders Flock to Leveraged MicroStrategy Options as Stock Soars Amid BTC Rally

Traders are using options tied to the Defiance Daily Target 2X Long MSTR ETF (MSTX), which aims to double the daily performance of MicroStrategy’s stock price, to leverage their positions in the crypto market.

As MSTR's stock price has soared, so too has the demand for MSTX options. Traders are particularly buying deep out-of-the-money (OTM) call options, which offer the potential for significant upside with a relatively low premium.

These options allow traders to control a large position in the underlying asset with a limited upfront cost, and volume is focusing on higher strike call options at $230, spread across multiple expiries.

Call options give buyers the right, but not the obligation, to buy the underlying asset at a predetermined price – in this case $230 – at a specific date. MicroStrategy is the world’s largest corporate Bitcoin holder, with 331,200 BTC on its balance sheet.

With expectations of a more favorable regulatory environment under the incoming Trump administration and potential Federal Reserve rate cuts, Bitcoin has seen a dramatic price increase after the Republican candidate won the US presidential election.

Chart of the Week: Top Assets by Open Interest Since US Elections

Since Republican candidate Donald Trump won the US Presidential elections Mantra (OM), a Layer-1 blockchain focused on real-word assets (RWA) has significantly outperformed the wider market in terms of open interest, seeing a 516% rise since November 6.

Memecoins have also been capturing attention, with traders actively accumulating them through futures instruments. XLM and XRP have also seen growth of 157% and 309%, respectively.

State of the Crypto by Top Tier Exchange Volume

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